Ratan Tata has invested in online cashback and coupons venture CashKaro.com. The amount of investment hasn t been revealed as yet. The e-commerce company will utilize the funding for expanding its business to international markets, build brand awareness and hire senior-level talents. Also Read - Ola to raise $100 million funds via Tata’s RNT Capital, Falcon Edge Capital: ReportAlso Read - These are the 27 startups Ratan Tata has invested in so far
Similar to the likes of CouponDunia and CouponRaja, CashKaro offers customers cashbacks along with coupons and discounts. The e-commerce company has partnerships with about 1,000 online retailers, and claims to have more than 10 lakh registered users. It claims to have more about 25,000- 300,000 transactions every month. The company is now aiming at gross merchandise sales of about Rs 1,000 crore in the near future. Also Read - After Paytm and Olacabs, Ratan Tata invests in online lingerie startup Zivame
Prior to Tata s investments, CashKaro had raised about Rs 25 crore from Kalaari Capital. The company has also earlier raised about $750,000 in angel funding.
It s worth pointing out that it is third investment from Ratan Tata in 2016. This year, Tata Sons Chairman Emeritus had made investments in a data analytics company Tracxn Technologies and a pet car site called DogSpot.
The new investment comes at a time when the Indian government is equally pushing the ecosystem with a Start-Up India campaign. Just last week the Indian government made a number of announcements for the start ups such as self-certification and three-year exemption from inspections, 80 percent rebate in the patent application fee, a single-point hub for hand-holding, equal opportunities in government procurement and a Rs.10,000-crore dedicated fund for start-ups.